Crypto Self-Custody Debate
Discussions center on the risks of storing cryptocurrency on exchanges like Coinbase or Kraken, advocating for self-custody with personal wallets and the mantra 'not your keys, not your coins' to maintain control and security.
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Use a trusted exchange if you are worried about that. Holding crypto in a wallet is the equivalent of keeping cash in your wallet.No bank in the world will care if someone steals your wallet.
Coinbase or any other exchange can certainly steal your coins, just like a bank can steal your money. Hosting your own private key is like having your money in your mattress -- it's as secure as you allow it to be, and once stolen it's gone forever.
You could be forced to use something like coinbase where they store your private keys. Actually coinbase already provides some kind of insurance in case they get hacked.
Buy some, cold wallet it, forget about it.
Not your keys, not your coins. Don't keep your assets on an exchange.
Just don't store cryptocurrency there:https://news.ycombinator.com/item?id=3655137
Your money is always at risk when you let a 3rd party hold it. You should not be storing cryptocurrencies with 3rd parties.
Well.. at the moment are you at the mercy of Coinbase. Then you are at the mercy of Kraken. Why don't you just keep the coins to yourself?
"Don't trust exchanges" is something most cryptocurrency enthusiasts will tell you. Make a paper wallet or get a Ledger. If you have a lot of funds, a safe deposit box is also a good idea.
Should I be worried about having my cryptocurrency assets on an exchange?